I have a CA LLC that is declared to file 1120s corp sub-s returns.
The company purchased a residential house in 2019 to remodel for a business investment. The property sold february 2021 for a smallish profit, approx 16k. The 2 year time frame makes this a long term gain but it seems to just end up up in Sch K1, box 9, net section 1231 gain or loss with no long or short term classification. I was fully active in the all the aspects of the remodel.
The company historical business activity prior to the house investment was consulting.
Is there a way to enter the transaction in Turbotax business so that the gain reported on the sch K1 can end up as a long term capital gain when bringing it into my personal return, ie., schedule d long term. r
